Aareal Bank and Advent International have jointly announced the sale of their property management SaaS provider, Aareon, to TPG and CDPQ for an approximate enterprise value of €3.9 billion. The closing of this significant transaction is expected in the second half of 2024, pending customary approvals. TPG will acquire a majority interest in Aareon, with CDPQ co-investing for a minority stake. Advent International will also retain a minority interest via the investment of new equity. The divestiture aims to provide Aareon with robust financial backing and industry expertise to support further growth and innovation. Aareon, under its new ownership, will continue focusing on delivering efficient and sustainable property management solutions across Europe. Arma Partners and Goldman Sachs served as financial advisors to Advent and Aareal, while Morgan Stanley advised TPG and CDPQ.

Private Equity, Software-as-a-Service (SaaS), Property Management,Germany, United States, Europe

https://www.cdpq.com/en/news/pressreleases/aareal-bank-advent-international-sell-aareon-tpg-approximately-eu-39-billion